Puerto Rico Sample Letter for Reinstatement of Loan - Compromise of Matter

State:
Multi-State
Control #:
US-0744LTR
Format:
Word; 
Rich Text
Instant download

Description

This form is a sample letter in Word format covering the subject matter of the title of the form.

[Your Name] [Your Address] [City, State, ZIP] [Date] [Bank Name] [Loan Department] [Address] [City, State, ZIP] Subject: Request for Reinstatement of Loan — Compromise of Matter Dear Sir/Madam, I hope this letter finds you well. I am writing to you regarding my loan account [Loan Account Number] which was suspended due to unforeseen circumstances. I understand the importance of maintaining a good credit history and fulfilling my financial obligations, which is why I am reaching out to request the reinstatement of my loan. Furthermore, I am a resident of Puerto Rico and have been facing extreme financial hardship due to the recent natural disasters that have plagued the region. Unfortunately, my ability to make timely repayments on my loan was severely impacted by the devastating effects of these events. However, I am committed to rectifying this situation and meeting my obligations. I have carefully assessed my current financial situation and am now in a position to resume making regular repayments on my loan. I have devised a plan that will allow me to stay current on the loan and gradually pay off the outstanding balance. Furthermore, I humbly request your consideration in allowing me to reinstate my loan under these terms. Outlined below are the proposed terms of repayment: 1. Monthly repayment amount: [Proposed Monthly Amount] 2. Duration of repayment plan: [Proposed Duration] 3. Interest rate: [Current Interest Rate or Proposed Rate if Negotiated] 4. Lump sum payment towards outstanding balance: [If applicable] I understand that my account may have been flagged or categorized as a delinquent loan due to the previous missed payments. However, I kindly request that you review my case sympathetically and take into account the extenuating circumstances I have faced in Puerto Rico. I assure you that I am sincere in my commitment to rectify this matter and regain a healthy financial standing. I am optimistic that, with your assistance, I will be able to resolve this issue effectively and maintain a positive relationship with your esteemed institution. Please find attached the required documents, including proof of my current financial situation and proposed repayment plan. I would be grateful if you could consider my request for loan reinstatement and provide me with any further guidance or documentation necessary to proceed with the process. I appreciate your time and attention to this matter. If you require any additional information or have any questions, please do not hesitate to contact me at [Your Contact Number] or [Your Email Address]. I look forward to a favorable response from your end regarding the reinstatement of my loan. Thank you for your understanding and cooperation. I truly value the opportunity to address this matter and work with you to find a mutually beneficial solution. Sincerely, [Your Name] [Loan Account Number]

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FAQ

Negotiating a ReinstatementDefaulting property owners can also negotiate reinstatement of their mortgage loans with their lenders. Negotiating a reinstatement of a defaulted mortgage with that loan's lender is a bit more involved than simply paying all missed payments and late fees though.

To reinstate a loan, you must first find out the amount needed to bring the loan current. You can get this information by requesting a "reinstatement quote" or "reinstatement letter" from the loan servicer.

You may be able to reinstate the loan by catching up on payments. However, you will need to repay all past due bills, including late fees and the costs a lender incurs from repossession.

Reinstatement involves making a single payment to catch up with everything due on a loan. By contrast, payoff involves paying the lender the total remaining balance of the loan. (Payoff before a foreclosure sale is commonly known as redemption, which is an equitable right available in every state.)

Reinstating a loan stops a foreclosure because the borrower catches up on the defaulted payments. The borrower also has to pay any overdue fees and expenses incurred because of the default. Once the loan is reinstated, the borrower resumes making regular payments on the debt.

Mortgage reinstatement, sometimes called loan reinstatement, is the process of restoring your mortgage after a mortgage default by paying the total amount past due. You will arrive at the point of a mortgage default after missing payments for several months.

In foreclosure, a house is sold as collateral after the homeowners default on their loan. Housing repossession is a more general term for when a mortgage lender or loan provider takes ownership of a property because the owners haven't paid their bills. It's a consequence of foreclosure.

Reinstatement involves making a single payment to catch up with everything due on a loan. By contrast, payoff involves paying the lender the total remaining balance of the loan. (Payoff before a foreclosure sale is commonly known as redemption, which is an equitable right available in every state.)

Mortgage reinstatement, sometimes called loan reinstatement, is the process of restoring your mortgage after a mortgage default by paying the total amount past due. You will arrive at the point of a mortgage default after missing payments for several months.

More info

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Puerto Rico Sample Letter for Reinstatement of Loan - Compromise of Matter